The phased rollout of NetSuite Version 2014.2 is now complete and all customers are live on the new version. From feed back it appears that most users are happy with the new look and feel, with only a few expressing reservations. Most feel the screens are less cluttered. With a 800 plus strong product team in place one can expect NetSuite will continue to accelarate the roleout of new features and enhancements in coming releases.
There are however some new features anounced as part of 2014.2 which are still in the process of being rolled out. These features are being rolled out in the form of SuiteApps and are due to be released in comming months according to the latest documentation. Some of these SuiteApps to look out for when they are released are:
1. Accounts Receivable Dunning (Currently targeted for release in October 2014)
You will be able to use the Dunning bundle to set up an automated AR dunning process to help you manage the collection of your debtors. The Dunning feature will come with predefined dunning evaluation workflows that you can set up to run on a schedule. When the system runs the dunning evaluation workflow, it will determine which customers and invoices need to be dunned, and automatically send dunning letters by email.
Accessed by installing bundle 57386 “SuiteL10n”
2. 3-Way Match Vendor Bill Approval (Currently targeted for release in October 2014)
This bundle will match the vendor bill details to its corresponding purchase order and item receipt. If any discrepancies are identified, the bill will submitted to a designated supervisor for approval. Otherwise, the vendor bill will be automatically approved. Any discrepancies will be noted on the bill, which then can be reviewed by the approver. After the bill is approved, it can then be processed for payment. This should help the accounts payable to release payments more accurately and also reconcile their balances more quickly on a regular basis, rather than wait until the end of the month to investigate differences between Purchases Orders, Item Receipts and Bills.
Accessed by installing bundle 16707 “NetSuite Approvals Workflow”
3. Requisition Approval (Currently targeted for release in October 2014)
Purchase requisition functionality is new to NetSuite. This particular feature will give users the ability to customise the approval routing of a purchase requisition, through the Advanced Procurement Approvals SuiteApp. You will then be able to designate the initial and succeeding approvers of a pending requisition request. Approvers will be notified via email if a request has been submitted to them for review and action.
Accessed by installing bundle 57060 “Advanced Procurement Approvals”
4. Daily Shipment Detail Report (Released)
This report is added to the Supply Chain Management SuiteApp. It provides a list of all items released from the warehouse on a daily basis. It helps you keep track of these items by showing both pickup and shipment details on the generated report. The report provides daily information on new shipments per status. If multiple shippers are used to process shipments, the shipment information is grouped by Shipping Method, and the report information for each Shipping Method starts on a new page.
Accessed by installing bundle 47193 “Supply Chain Management”. Advanced Shipping” needs to be enabled.
4. Electronic Payments (Released)
Although the Electronic Payments bundle (it effectively provides BACs and Direct Debits functionality) has been around for a while now it has seen a bit of a face lift in 2014.2 with the addition of a number of new features including the ability to apply vendor or customer credits when paying bills or accepting customer payments and the ability to support early settlement or term discounts.
Accessed by installing bundles 45178 “NetSuite Electronic Payments” (Free version – for one company/country only) or 21147 “NetSuite Electronic Payments for OneWorld” (Paid for version – for multiple subsidaries)